Due to the pandemic, the need for businesses to have flexibility has increased significantly because of multiple factors. As an effect of globalization, markets where a company may have growing customers are changing constantly. To be adaptable, companies are moving away from the Head Quarter (HQ) model to more of a hub-spoke model with satellite offices. The other cause for this move is that employees can come from anywhere.
With our technical advances of portable working devices like high-speed internet, video conferencing, cloud computing, and multiple sharing software, it makes working from anywhere the norm. Covid just took this to overdrive. By companies moving away from the HQ model, they are no longer limited to HQ locations in expensive cities to hire highly capable staff.
Demand for flexibility is on the rise to decrease this risk. If a company downsizes, it cannot afford to hold on to the unused real estate. On the other end, as it grows, it needs to take on just the right number of desks. Instead of taking on additional 5,000 sq ft of space, business owners need to increase employees without buying more space, new furniture, cleaning services, or increasing internet speeds. Another way companies are decreasing risk is by investing their capital on what gives them the best ROI. Instead of buying real estate or furniture, they are putting money back into their business that is what gives them the most return on their dollar.
In the industry of coworking there are a few corporations that offer optimum spaces for all business needs. Take a coworking space like Venture X. They’ve been providing fully serviced and flexible office spaces to freelancers, entrepreneurs, startups, satellite offices, and large corporations since 2012. Where as in the past and pre-Covid, most corporations took on the risk, liability, and responsibility of owning and managing their own real estate. Even if a company is a part of the tech or finance industry, they will take the burden of long-term leases, debt, and management of real-estate. This is not the best use of the company’s time and resources.
Lastly, as employees are working from anywhere and at any time, the 9 to 5 at a specific cubicle is becoming rare. No longer is a job separate from the employee’s personal life. Practically anyone can be seen answering emails on their phone before going to bed or texting their boss a question for a project over the weekend. Business at this time, has integrated into life so much that the work life balance has practically vanished. Because of this, employees don’t need a beautiful harmonious space just when they go home, but also when they are at work, where they spend most of their productive time. Work is no longer a place to just get the job done and leave, but it needs to be a place where people go to build a community. It becomes difficult to create the right energy without taking all of the designs and extensive amenities into account. Given companies whose core competency isn’t in facility management and hospitality, this becomes a tough hill to climb.
With the growing demand for flexibility, less risk as companies change sizes, and a workspace that feels as good, if not better than home, corporations are now passing on the responsibility of managing their space to coworking spaces. Coworking spaces like Venture X take the risk of having the large space, capital, staff, amenities and the responsibility of ensuring that workspace is a community where people look forward to working in. So say goodbye to your 9 to 5 cubicle in a poorly lit building, and say hello to tall windows, convenient locations, optimum lighting, unlimited amenities and a flexible working community.
Schedule your tour with Venture X for your businesses’ next step to success today!